Nasscom to issue guidance, trends for IT sector tomorrow

Nasscom will announce the much awaited guidance and trends of the IT sector for the current financial year amid concerns over jobs and H-1B visas

Nasscom deferred giving its outlook of the $155 billion industry in February and postponed to April-June quarter.

Hyderabad: Software and services industry body Nasscom will issue the much awaited guidance and trends of the sector for the current financial year in Hyderabad on Thursday.

According to an official intimation from the body, Nasscom’s chairman Raman Roy, vice chairman Rishad Premji and president N.Chandrashekhar will announce the much awaited annual ritual which otherwise is normally held in February every year.

Nasscom for the first time deferred giving its outlook of the $155 billion industry in February and postponed to April-June quarter, as the headwinds including immigration and H-1B visas, rise.

Former Nasscom chairman and founder and executive chairman of Cyient Limited, B.V.R. Mohan Reddy hoped that the industry may grow between 8 and 10% during the current fiscal.

He, however, said the hiring by the IT companies may come down by up to 25% compared to last year. “Hiring will be lower. The number will be in the range of 150,000 to 180,000 compared to little over 200,000 last year,” Reddy told PTI.

According to him, Thursday’s meeting will emphasis on how to skill, re-skill and up-skill people to meet the current technological changes.